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EDP jumps 12 percent after surprise China bid for Portugal utility

Reuters  |  LISBON/PARIS 

By Axel Bugge and Geert De ClercqLISBON/PARIS (Reuters) - Shares in Portuguese utility EDP jumped as much as 12 percent early on Monday, topping a bid price offered on Friday by China Three Gorges (CTG), indicating that the market believes there could be a counter bid or a higher offer from the Chinese state-owned utility. EDP shares rose as high as 3.49 euros, above CTG's 3.26 euros per share bid, which offered a premium of less than 5 percent on the firm's Friday closing price.That values the proposed deal at 9.07 billion euros ($10.83 billion), excluding the 23 percent stake CTG already ...

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First Published: Mon, May 14 2018. 16:28 IST